AmEx Profit Tops Estimates as Card Members Spend More

American Express Co on Wednesday posted a better-than-expected first-quarter profit, helped in part by higher spending by card members, and the company's shares rose 2.3 percent in trading after the bell.

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AmEx's net income attributable to shareholders fell to $1.21 billion, or $1.34 per share, in quarter ended March 31 from $1.39 billion, or $1.45 per share, a year earlier which included certain subsequently discontinued co-brand partnerships.

Analysts on average had estimated a profit of $1.28 per share, according to Thomson Reuters I/B/E/S.

"Card Member spending grew 8 percent, adjusted for changes in foreign exchange rates and Costco-related business that was included in the prior year," Chief Executive Kenneth Chenault said in a statement.